| RULES
OF THE COMPETITION
|
ELIGIBILITY |
| • |
Applicants
must be registered curriculum
students at Haywood,
Southwestern, or Tri-County
Community Colleges at
the time of entry. |
| • |
Proposed ventures
must be “new”
for-profit business
endeavors that will
be located within the
seven westernmost counties
of North Carolina or
the Qualla Boundary.
|
| • |
A “new business”
is defined as one that
will actually start
up within 12 months
after the award date
of May 2010. |
| |
|
REQUIRED
INFORMATION
Each application must
include the following
information: |
| • |
Market research to
support the feasibility
of the product or service. |
| • |
Capital startup needs
and cash flow projection
(24 month minimum). |
| • |
Management team profile,
including experience. |
| • |
Executive Summary,
including product or
service description. |
| • |
Number of individuals
projected to be employed. |
| • |
Timeline for startup. |
| • |
Plans for use of the
cash award. |
| • |
Marketing plan. |
| • |
Proposed ownership
(legal structure) of
the business. |
| • |
Principal location
of business in one of
the seven westernmost
counties of North Carolina
or the Qualla Boundary. |
| • |
Each application should
also be clear, thorough,
and neat. |
| |
|
APPLICATION
FOR THE CONTEST
A pre-application deadline
of January 15, 2010,
is set for students
to declare their intent
to submit a full application.
Students should declare
their intent to participate
by contacting the contest
coordinator at their
college: |
| • |
Haywood Community
College
–
Sharron Donnahoe, (828)
627-4512 |
| • |
• Southwestern
Community College
–
Thom Brooks, (828) 339-4202 |
| • |
• Tri-County
Community College
–
Cecilia Crawford, (828)
835-9564, ext. 203 |
| |
BUSINESS
DEVELOPMENT ADVISING
Applicants are required
to use one or more of
the following resources
to assist them in business
plan development: |
| • |
Cherokee Business
Development Center:
(828) 497-1666 |
| • |
Community College
Small Business Centers: |
| • |
Haywood (828) 627-4512
|
| • |
Southwestern ( 828)
586-4091 or 488-6413 |
| • |
Tri-County (828) 835-9564 |
| • |
Asheville SCORE: (828)
271-4786 |
| • |
Small Business Technology
Development Center:
(828) 227-3459 |
| • |
Mountain Bizworks:
(828) 253-2834 |
| • |
Smoky Mountain Development
Corporation: (828) 452-1967 |
| • |
Franklin SCORE@ Franklin
Area Chamber of Commerce:
(828) 524-3161 |
| • |
REAL training /course
–Business Administration
Department or Small
Business Center at HCC,
SCC, or TCC |
| |
|
JUDGING
A panel of business
professionals will be
selected by the Sequoyah
Fund to review and evaluate
all competition applications.
The selection process
will include personal
interviews with the
finalists and an assessment
of the likelihood of
success of the ventures.
Applicants should submit
appropriate number of
copies of their business
plans to correspond
with the number of judges. |
| |
|
CASH
DISBURSEMENT
Since the awards will
be used as startup capital,
cash prizes will be
structured as draws
with the winners submitting
invoices directly to
the Sequoyah Fund for
disbursement. Timing
and terms of disbursements
will be subject to guidelines
established by the Sequoyah
Fund Selection Committee.
Awards can be used as
leverage, which the
Sequoyah Fund would
count as equity if the
business requires a
loan to round out the
start-up funding for
the business. |
| |
|
| DEADLINES |
| • |
Pre-applications must
be made by January 15,
2010. |
| • |
Final applications
(with business plan)
must be submitted by
April 2, 2010. |
| • |
Winner(s) will be
announced in May 2010. |
